Why instant deposits to investments are not instant?

Hi :wave:

With regards to instant deposits, there is a little confusion surrounding this!

When you make an investment from your bank, the money first transfers to your Plum account - this part in instant. However, when you invest into a stocks and shares ISA, your stocks need to be bought and this part takes time which is why you are seeing the completion date being much later than expected.

Instant deposits are new for us, therefore there is work to be done to make this more clear as we understand there is confusion referring to investments as ‘Instant’ - we are on the case to improve this!

Thank you!

Hi Georgios,

Are there any plans for instant deposits to be added to the android app? 20 days for an investment deposit just looks a bit excessive.

Thanks,
Jellybean

Hi Jellybean,

The instant deposit feature is available in Android devices as well, you can find this on deposits options. However, when you invest into a stocks and shares ISA, your stocks need to be bought and this part takes time which is why you are seeing the completion date being much later than expected.

Hope this makes sense :blush:

-Georgios

Hi Georgios,

I found the option, thank you :blush: In that case do you think I can speed up the share buying process by first Instantly Depositing money into Plum and then using those to buy shares/stocks?

Thanks,
Jellybean

Hi Jellybean,

That’s great!

Yes, this will speed-up the process but still the process is not instant.

The default duration for buy-order completion (in our system) is five working days from the day the order is created, though in practice this duration varies by fund manager. In the best case it takes two working days between submission to our investment service provider and order completion (Legal & General and Standard Life funds) and four working days in the worst case (Vanguard funds).

I hope this clarifies things but let me know if you need more help! :blush:

Hi Georgios,

Thank you for clarifying. That makes sense. I will give instant deposit a try once my current direct debit is processed.

Have a nice day :blush:

Hey!

Please let me know how it goes.

You too :blush:

I’ll make sure I do. But that will be next month now, as the direct debit isn’t supposed to be processed until the end of the March :sweat_smile:

Thanks

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